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Reorganization of Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc. Completed; Share Conversion Price Announced

November 18, 2019
(PRNewsfoto/Virtus Funds)
(PRNewsfoto/Virtus Funds)

HARTFORD, Conn., Nov. 18, 2019 /PRNewswire/ -- The reorganization of Virtus Total Return Fund Inc. (NYSE: ZF) with and into Virtus Global Dividend & Income Fund Inc. (NYSE: ZTR) has been completed. ZF ceased trading and dissolved as of the close of business on Friday, November 15. The reorganized fund, named Virtus Total Return Fund Inc., began trading today under the ticker “ZTR” and CUSIP 92835W107.

Prior to the open of trading on the NYSE today, each share of ZF common stock converted into an equivalent dollar amount (to the nearest $0.0001) of shares of common stock of ZTR. The conversion price was based on each fund’s net asset value (NAV) per share calculated at the close of business on Friday, November 15, 2019:

ZTR

$10.3649

ZF

$10.7745

Based upon those conversion prices, former ZF shareholders received 1.039518 shares of common stock of ZTR for every share of ZF common stock they held.

About the Fund
The Virtus Total Return Fund Inc. is a diversified closed-end fund whose investment objective is capital appreciation, with current income as a secondary objective. The fund currently invests approximately 60% of its total assets in equity securities, managed by Duff & Phelps Investment Management Co., and 40% in fixed income, managed by Newfleet Asset Management. The fund also pursues an options overlay strategy, managed by Rampart Investment Management, that seeks to generate additional income.

For more information about the funds contact Shareholder Services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section on the web at www.virtus.com.

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SOURCE Virtus Funds